DALLAS - A week after raising $3 billion to build one toll project, the North Texas Tollway Authority appeared ready to back away from taking on another, citing risks to its credit rating and bond covenants.

The NTTA board yesterday approved a "three-pronged approach" to determining the value of State Highway 161, a proposed toll project in the western suburbs of Dallas. The three options were: returning to the market valuation study with the Texas Department of Transportation; agreeing on the NTTA's take-it-or-leave-it valuation proposal of $548 million; or allowing the authority to pass on the project.

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